Economic Evidence Proves Recession Still On-Going

Dr. Mark Finney

Last week the National Bureau of Economic Research concluded that the Great Recession (as it has now come to be known) which began in December 2007 ended in June of 2009.  For many this comes as a shock because for many, the economy is still a mess.
The Washington Post reported on Sept 22, 2010 that part of the continuing problem with the economy is that many have still been unable to find work, many who have found work have done so by taking less lucrative work, investors are still suffering, and many homes are still in foreclosure.
But since the recession is officially over, it may be worthwhile to review recent economic trends.  Are there any among us who are doing well?
ABC News reported on Sept 21 that the airline industry has “sharply hiked their forecast for industry profits this year…”  They continue, “IATA said it expected the industry to post a combined net profit of $8.9 billion, more than three times the previous forecast of $2.5 billion made in June. That also compares to an estimate of nearly $10 billion in losses in 2009.”
The Associated Press reported on Sept 1, that “manufacturing is growing in the United States and abroad…[and]…The U.S. sector expanded for a 13th straight month in August…”
One has to ask, with both of these important industries making profits (and presumably others) what’s the problem?  President Obama has spent the last several weeks touting the recovery and trying to reassure Americans, while Republicans point the finger at Obama’s stimulus as damaging the economy.  Monday night, after Obama’s speech to the nation, Republican National Chairman Michael Steele said “Once again, President Obama trotted out the same old worn-out reassurances on the economy, but Americans are still waiting for the promised recovery that never arrived.”  And he’s right – Many Americans are still waiting.  The question is, what are we waiting for? is powered by WordPress µ | Spam prevention powered by Akismet